DANBURY -- Mayor Mark Boughton will announce this week that he plans to run for governor, sources with knowledge of Boughton's campaign said.

Two sources told Hearst Connecticut Newspapers that the longest serving mayor in the city's history will announce his run during an event Wednesday morning at the Holiday Inn.

Boughton, however, said Monday that he has yet to make a final decision about whether he will enter the fray.

"There is only one person who knows what my decision will be and that's my wife," he said.

The six-term mayor formed an exploratory committee for a potential gubernatorial run in November,

In addition to Boughton's scheduled Wednesday morning news conference "to announce plans for 2014 election," he is hosting an "appreciation dinner" for his volunteers on Wednesday night.

"It would seem odd to have a dinner and an announcement if you weren't going to run," said former state GOP Chairman Chris Healy.

He said while Boughton probably is "the best retail politician we have right now" in the state Republican Party, his biggest challenge will be raising the $250,000 -- in donations no larger than $100 -- to qualify for the state's public elections financing program.

The deadline for exploratory committees to file their latest fundraising numbers is Friday, three days after Boughton's planned announcement.

In the days leading up to the end of the quarter on Dec. 31, Boughton issued several calls for donations through his Team Boughton Facebook page, saying donations of any size, would be "a huge boost" to the campaign.

The only Republican to date who has officially announced plans to take on Gov. Dannel P. Malloy in November is state Sen. John McKinney, R-Newtown.

McKinney said Monday while he hasn't spoken to Boughton in recent weeks, he isn't surprised.

"I fully expect him to announce that he will be a candidate for governor," McKinney said. "This has been his plan all along."

McKinney said he expects to have raised more money than other gubernatorial candidates when the reports are due on Friday.

"We've built a tremendous amount of momentum for the campaign and financial support," he said.

Several others, including the GOP's gubernatorial candidate in 2010, Tom Foley, and state Sen. Toni Boucher, have formed exploratory committees for a run for the state's top office.

Boughton, who sought his party's gubernatorial nomination four years ago, became Foley's running mate. The duo lost to Malloy by about 1 percent of the vote.

Foley said Monday that several Republicans are looking to seize the opportunity because of Democrat Malloy's dismal performance.

"Malloy doesn't have a record that supports re-election," Foley said. "The state is headed in the wrong direction and people want a change."

Foley declined to comment on when he might make a formal announcement concerning his plans.

"Not in the immediate future," he said.

State Republican Party Chairman Jerry Labriola said it behooves candidates to announce a run sooner than later because it gives more credibility when seeking money and the support of delegates who will attend the May nominating convention.

"With the state convention only about four months away, we are reaching that point where our exploratory gubernatorial candidates need to think about converting to full-fledged campaigns," Labriola said Monday. "We are fortunate to have an array of A-level candidates such as Mayor Mark Boughton seeking statewide office. I look forward to his announcement on Wednesday."

Danbury City Council President Joseph Cavo said while he believes Boughton is the only gubernatorial candidate who has executive experience, he would also hate to see him leave Danbury.

"I don't want to lose him in Danbury, but we also have to be realistic," Cavo, a Republican, said. "He has so much talent and his desire for public service is tremendous. The people of Danbury would be proud to share him with the state of Connecticut."